Canada proposes a sharp reduction in emissions from the oil and gas industry by 2030
On Monday, the Canadian government released draft regulations which would cap greenhouse gas emissions from the oil and natural gas sector. Producers will be required to reduce emissions by 35% from 2019 levels and 2030. In a press release, the Environment Ministry said that the regulations would create a cap and trade system to reward companies with better performance. It will also provide an incentive for polluting firms to improve their production processes.
Canada wants the energy sector to reduce emissions up to 35% from 2019 levels
The Canadian government released on Monday a draft regulation that would limit emissions of greenhouse gasses from the oil and natural gas sector to 35% below 2019 levels. This is a little less than originally anticipated. In a press release, the Environment Ministry said that the regulations would create a cap and trade system to reward companies with better performance. It will also provide an incentive for polluting firms to improve their production processes.
Canada's renewable fuel projects are hit by a surge in US imports
Canadian renewable fuel producers will see lower returns from new facilities as a result of a slump in British Columbia’s low-carbon fuel standard (LCFS). This trend is expected to continue amid an influx of US exports. The weakness in British Columbia's LCFS Credit Market reflects the growing pains of the international biofuels sector, where many regulators are clamping down on imports in order to protect their nascent national markets from an oversupply.
OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies that would ship oil on the pipeline also fell.TransCanada said in a statement it remains committed to building the $8 billion…
Suncor Holding Off On Crude Expansion Amid Canada Pipeline Confusion
Suncor Energy Inc , one of Canada's biggest oil producers, will not sanction further expansions of crude production until it becomes clearer when new pipelines will be ready, Chief Executive Steve Williams said on Wednesday.A court overturned last week the Canadian government's approval of the Trans Mountain pipeline expansion, adding to "troubling" pipeline delays, Williams said at a Barclay's investor conference in New York.Reporting by Rod Nickel in Winnipeg
Canada Dreams of Oil Exports to Asia, but California Beckons
The nationalization of a crude oil export pipeline in western Canada has buoyed long-standing hopes for crude exports to markets beyond the United States - but the most likely destination for much of that oil is California. Faced with declining production from Latin America and rising prices for higher-grade crudes from the Middle East, the Golden State is importing more oil from Canada - much of it via the Trans Mountain pipeline…
Canada to Buy Kinder Morgan's Trans Mountain Pipeline
The Canadian government said on Tuesday it will buy Kinder Morgan Canada Ltd's Trans Mountain pipeline project for C$4.5 billion but does not intend to be the long-term owner of the project, which has faced fierce environmental opposition.Canada will also offer federal loan guarantees to ensure construction continues through the 2018 season as part of the deal with the company, a unit of Houston-based Kinder Morgan Inc ."The federal government has reached an agreement with Kinder Morgan to purchase t
Canada Government to Give Briefing on Pipeline Expansion Aid
The Canadian government will give a 9 am ET (1300 GMT) briefing on Tuesday on how it has decided to aid a Kinder Morgan Canada Ltd crude oil pipeline project, an official said. Ottawa says it is prepared to financially backstop the planned expansion of the company's Trans Mountain pipeline, which has run into fierce opposition. Reporting by David Ljunggren
Canada Govt Ready to Indemnify Kinder Morgan Pipeline Project
The Canadian government is prepared to financially shield Kinder Morgan Canada Ltd's proposed Trans Mountain pipeline expansion against unnecessary delays that are politically motivated, Finance Minister Bill Morneau said on Wednesday.Morneau also told a news conference that if Kinder Morgan decided to walk away from the project, which the provincial government of British Columbia opposes, the indemnification…
Investors Back Kinder Morgan Canada's Trans Mountain Move
Kinder Morgan Canada shareholders on Tuesday backed the pipeline operator's decision to pause most work on its Trans Mountain expansion as a way to force the Canadian government to give final approval for the project.The company said on Sunday it would scrap plans to nearly triple the capacity of its existing Trans Mountain pipeline, which extends from Alberta to British Columbia's coast, unless various…
Canadian City to Argue Trans Mountain Oil Pipeline Route Harmful
The proposed route of Kinder Morgan Canada's Trans Mountain pipeline expansion through the west coast Canadian city of Burnaby will damage parks, harm sensitive ecosystems and impact critical infrastructure, the city will argue on Tuesday. The Vancouver suburb will present its case over three days to the Canadian energy regulator, National Energy Board (NEB), at hearings to help determine the exact route of the 1,147 kilometer (712 mile) oil pipeline.
Petronas Scraps $29 bln Canada LNG Project
Decision widely expected after long delay, weak prices. Malaysian oil company Petronas has scrapped a proposed C$36 billion ($29 billion) liquefied natural gas (LNG) project in western Canada due to weak prices, in a blow to both its global ambitions and Canada's hopes of becoming a major LNG player. Pacific NorthWest LNG in British Columbia was meant to produce 12 megatonnes per year and spur further development of Canada's largest shale play…
Canada Court Throws Out Permits for Seismic Testing in North
Canada's top court handed aboriginals a partial victory on Wednesday, ruling there was not adequate consultation on plans to conduct seismic testing for oil and gas in the north of the country, but dismissing a separate attempt to quash permits for changes to an Enbridge Inc pipeline. In the two separate but related decisions, the Supreme Court of Canada found that while the Canadian government holds ultimate responsibility for ensuring that consultations with First Nations are adequate…
Petronas Halts Western Canadian LNG Project
Malaysia's state-owned energy company Petronas will not proceed with a proposed C$36 billion ($28.8 billion) liquefied natural gas (LNG) project in western Canada because of weak global prices, the company said on Tuesday. The news is a heavy blow to Canada's ambitions to become a global LNG player. Of more than a dozen projects proposed for the west coast of British Columbia only the C$1.6 billion privately held Woodfibre project has been given the green light by its developers.
Refiners Shun New Canadian Crude Blend
Enbridge Inc has approved a new stream of heavy Canadian crude for export on one of its major oil pipelines to the United States, according to four trading sources. The only problem? No one wants it. Canada produces more heavy than light crude because of its vast oil sands projects in northern Alberta. Space on the Enbridge system for heavy barrels is in short supply, with congestion set to worsen as oil sands production grows.
New Pipelines No Silver Bullet for Battered Canada Oil Industry
Canada's oil sands producers are getting a long-awaited boost in export capacity, but the two pipeline projects approved this week will not be a silver bullet for the industry's woes unless crude prices pick up or companies improve their operating efficiency. The Canadian government approved Kinder Morgan's plan to triple volumes on its Trans Mountain pipeline to 890,000 barrels per day, and cleared Enbridge Inc's Line 3 replacement project, which will roughly double capacity to 760,000 bpd.
Kinder Morgan Pipeline Close to Meeting British Columbia Conditions
British Columbia Premier Christy Clark said on Wednesday three out of the province's five conditions laid down for heavy oil pipeline approvals have been met with regards to Kinder Morgan Inc's proposal to expand its Trans Mountain pipeline. The Canadian government on Tuesday said it had approved the proposal to more than double the capacity on the pipeline, which runs from Canada's oil sands in the province of Alberta through British Columbia to a marine terminal on the Pacific Coast.
Alberta Seeks Proposals for Large-scale Solar Farm
The Canadian crude-producing province of Alberta put out a request for proposals for the first large-scale solar farm in western Canada on Thursday as part of its pledge to switch to using 30 percent renewable electricity generation by 2030. Alberta, which is Canada's worst greenhouse gas polluter thanks to its vast oil sands operations, said it is looking for information on the potential cost and best approach for procuring solar power for half of government operations.
Petronas Mulls Exiting $27 bln Canada LNG project
Malaysian state oil firm Petroliam Nasional Bhd is considering selling its majority stake in a $27 billion Canadian liquefied natural gas (LNG) plant, three people familiar with the matter said this week. Petroliam Nasional, or Petronas, is weighing options for the project as its finances have been squeezed after crude oil prices have collapsed by more than 50 percent since the middle of 2014. Additionally…
